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02 March 2024

Shamil shareholders can trade Ithmaar stock Monday

By Agencies

Shamil Bank's shareholders will be able to trade new shares of Ithmaar Bank on the Bahrain Stock Exchange from Monday, after Ithmaar took over its smaller affiliate and de-listed its stock.

Ithmaar Bank said in November it planned to acquire the 40 per cent of Shamil it did not own through a share swap. Every 10 shares held by minority shareholders of Shamil were exchanged for 12 Ithmaar shares, the lenders said in a statement on Saturday.

Those shares will start trading on the Bahrain bourse on January 28, they said.

Both banks comply with Islam's ban on lending on interest. Ithmaar's stock last traded on Thursday at 60 US cents (Dh2.2) and Shamil's on November 22 at 70 cents (Dh2.57). (Reuters)